Speaking to sister publication Business XL in February, Morgan, 20, said that he took the decision to break his fundraising target, of £250,000, down into tranches to encourage prospective investors to commit capital at an early stage, rather than wait until the fundraising was near completion.

As well as the £100,000 raised so far, Universal Fuels has an additional £50,000 pitch which is 20 per cent committed, and has secured the remaining £100,000 through bank finance.

London-based Universal Fuels supplies diesel, petrol, lubricants and kerosene to homes, petrol stations, transport companies and other businesses in the UK. The new investment is to be used to expand its business into the forecourt retail sector and build international sales for its lubricants products, according to a statement.

Speaking on the closing of Universal Fuel's equity fundraising, Morgan adds, 'Universal has been enjoying a fantastic rate of growth ever since our launch in 2009; this investment will only further fuel our expansion.

'We have big plans and taking on investors who believe in the company is key to achieving our goals.'

Prior to the crowdfunding, Morgan turned down offers from venture capital and angel investors. He says, 'Crowdfunding is already beginning to make inroads in replacing traditional methods of business finance and I think it will become the main avenue of funding in the future.'